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Mortgage Payoff Amount Vs Balance

Why is my mortgage payoff amount higher than my balance? I was asked this question from my clients on a refinance more than any other one. Your payoff amount is not the same as your mortgage balance. You know what your balance is because it is on your statements. You may also see some verbiage […]

HARP Loan Program

HARP (Home Affordable Refinance Program) is a program inside the Making Home Affordable Program helping borrowers to refinance who tried but could not because the value of their home dropped and they did not have enough equity. You need a certain amount of equity to refinance your home but for millions of you who have […]

Skip Mortgage Payment on a Refinance

Technically, you can skip a mortgage payment when you refinance and not only one payment but two. You may have heard mortgage companies advertise this option and thought they must have some special program or pricing to be able to offer that. But they don’t. It isn’t a special program that allows for this…it’s just […]

No Cost Refinance Fantasy

The no cost refinance also called a no fee refinance idea is promulgated via advertisement by many mortgage companies across the country. This no closing cost refinance fantasy will be put to rest here and now. I estimate half of the people I have discussed mortgage refinancing with over the last year have wanted to […]

Mortgage Servicing Company Refinancing

The servicing mortgage company is the company to whom you make your payments. The servicing mortgage banks often benefit from the belief you can save time and money refinancing with them. Refinancing with your current servicing mortgage company gives you no guarantee of cost or time savings! But mortgage shoppers don’t know that. Another misguided […]

Cash Out Refinance Nitty-Gritty

A cash out refinance converts home equity to cash by refinancing into a higher new mortgage amount pocketing the difference. When considering a cashout refinance, borrowers should also understand the limited cash out and no cash out refinances as well. No Cash Out, Limited Cash Out, & Cash Out Refinance To get started let's name […]

Mortgage Refinance: What Is Your Goal?

I have a bit of mortgage refinance advice that will sound so obviously beneficial, and yet it is rarely followed. Before that, let me ask you a few questions about your last home mortgage refinance. Mortgage Refinance Loan Questions “Did you only look at lowering your payment as the primary determining factor as to whether […]

California Refinance Decision Now A Must

A California refinance decision dumping an adjustable rate loan in favor of a fixed rate loan, goes from a maybe to a must. The popular California refinance choice made by many, the Option ARM, continues to rise. California Refinance: Get Away From the Option ARM As you may know, the COFI (pronounced “coffee”) Index refers […]

Bad Credit Refinance Barriers

In addition to the credit issues, the bad credit refinance is facing barriers of dropping home values, loss of cash-out programs, and the loss of many bad credit lenders. A bad credit refinance home loan is a loan that replaces an existing loan with a borrower who typically has less than 600 credit score. Bad […]